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North American Automotive Green Tires Market size to reach $44.5 Bn by 2027
Published Date: 2021-04-22
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North American Automotive Green Tires Market size is estimated to reach USD 44.5 billion by 2027, according to a latest forecast report by Graphical Research. The rising concerns over climatic conditions, vehicle emissions, and superior characteristics are prominent factors contributing to the market growth.
Increasing new vehicle launches along with the availability of multiple car variants featuring improved designs & dynamics are providing a positive outlook for the regional market growth. Rising car ownership due to higher consumer spending is providing a positive outlook for the automotive green tires industry. For instance, the registration of SUVs and EVs 3.3% and 60.4% in Canada between 2017 and 2018. Especially, the number of electric vehicles in North America has been exponentially increasing on account of a variety of reasons, including regulations and policies encouraging EV adoption.
On the other hand, the COVID-19 crisis crippled automobile sales in the region. For instance, the sales of new vehicles plummeted by over 15% in the United States in 2020, and Canada also witnessed a downfall of more than 20 percent during the same period. This, in turn, severely affected the sales performance of green tiles.
Based on vehicle type, the passenger car segment is set to observe around 11.5% growth rate till 2027. Increasing consumer spending and the augment of environmentally friendly vehicles are significantly supporting the market growth.
Browse detailed statistical insights from the report, “North America Automotive Green Tires Market Size By Application (Off-road, On-road), By Vehicle (Commercial Vehicles, Passenger Cars, Others), By End-user (Aftermarket, OEM), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027” along with the table of contents (ToC) @
Based on the application, the on-road segment accounted for over 95% of the market share in 2020 credited to increasing product demand for commercial applications and the rapid growth of the e-commerce sector. Additionally, the benefits achieved by these tires, including low vehicle emission and high fuel efficiency will act as a catalyzing agent for the product penetration in the commercial segment.
Based on end-users, the aftermarket segment is projected to acquire a major portion of the North American automotive green tires market by 2027 attributed to the wide network of service providers and the increasing number of vehicle repair or maintenance facilities across the region. Additionally, the growing automotive aftermarket owing to factors, such as transition towards proprietary channels and partnerships, in particular via e-commerce businesses and workshops will further strengthen the foothold of the green tire market in the region.
Some of the key players producing green tires in North America include Bridgestone Corporation, Michelin Group, The Goodyear Tire & Rubber Company, The Hankook Tire & Technology Group, Pirelli & C. S.p.A., Continental AG, Cheng Shin Rubber Ind. Co., Kumho Tire, Zhongce Rubber Group Co., GITI Tire, and Maxxis International, among others.
The North American automotive green tires market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
North America Market, By Vehicle
- Commercial Vehicles
- Passenger Cars
North Americ Market, By Application
North Americ Market, By End-user
The above information has been provided for the following countries:
- North America